HomeServe founder’s £65m from stake sale

The founder of home insurance firm HomeServe was today set to make £65 million from selling almost a third of his stake in the business.

Richard Harpin, HomeServe's chief executive, said the move was inspired by his financial advisor.

"I've long been told to diversify my financial portfolio," he said, "but till today I've ignored that advice."

Harpin retains a 12% stake in the company, with a one-year lock-in period, but said he had "no plans to go anywhere".

The group, which fixes frozen pipes and broken boilers posted a £21.3 million pre-tax profit in the six months to October, 13% higher than the same time last year.

Harpin said HomeServe expects to sign up more customers in the coming cold snap.

"The cold weather forecast this coming weekend is good for us, and we've got lots of marketing out there," he said.